CNBC-TV18 has learnt from sources that passenger vehicle retails were down 33 percent this festive season, two-wheeler retails were down 15 percent over the last 30-34 days and approximately 3 lakh cars were sold compared to 4.5 lakh cars in the last festive season.
The four-week long festive season has come to an end. Many car dealers were completely sold out including the vehicles on display, but this is not exactly good news. The industry just did not have enough stock to meet the demand this festive season owing to semiconductor shortage.
Maruti Suzuki, the market leader retailed close to 1.4 lakh cars in the last 34 days. Retail sales for Maruti Suzuki dropped by about 50,000 compared to the last festive period last year (2020).
All car dealers had very low inventory and even now would have, possibly, one of the lowest ever dealer stocks. Close to 90,000 to 1,00,000 cars were sold overall across the industry in the last seven days alone (Diwali period).
Maruti Suzuki currently has 2.5 lakh pending bookings, Hyundai has 95,000 pending bookings, Mahindra & Mahindra (M&M) has close to 1.3 lakh pending bookings including Thar and XUV700; all of this because of the continuing chip shortage.
There is an increase in inquiry; 10 percent increase in inquiries. There is an increase in retail compared to 2019 period, also a small growth, but car bookings are now slowing down because vehicles are not available in the market.
It’s also the year-end period and rural sales of two-wheelers are showing a slight uptick according to sources in the industry.
Watch the accompanying video of CNBC-TV18’s Parikshit Luthra for more details.
(Edited by : Dipikka Ghosh)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: Is it mandatory for employers to give paid holiday on voting day? | Explained
May 20, 2024 10:07 AM